Li Shufu, dubbed “Chinese Henry Ford”, is the person responsible for the takeover of the renamed Volvo brand by the Zhejiang Geely Holding Group. Lee Shufu is chairman of the company, which has just completed a $ 1.8 billion purchase of Volvo Cars from Ford Motor Co.
This deal represents the largest offshore offshore deal in China and illustrates the country's growing influence in the international market. Lee Shufu seems intent on building a global brand with high prestige and profit.
Mr. Li Shufu is the son of a farmer from Zhejiang Province, in China. In 1997, he began producing cars, despite the fact that he had no experience and experience. Some of his personality habits are similar to Henry Ford, since their childhood on the farm and his determination to build cars out of nothing. That's why he probably wanted to buy a Volvo from Henry Ford.
The Volvo purchase agreement was first announced in December 2009, since Volvo has been on the market since 2008. Ford Motor Co. he hoped that Volvo sales would be able to pay off debts and allow him to focus on the main Ford brands in this difficult time for the automotive industry.
Since Volvo is trying to increase sales and has not registered profits since 2005, this deal could mean a very profitable move for Volvo. China is the largest car market in the world, an increase of 50% over the previous year. The company also intends to capitalize on the European market with which Volvo is associated.
Volvo will remain a separate company headquartered in Sweden. Existing production facilities in Sweden and Belgium will be maintained. Automotive production, however, will take place in China, serving Chinese consumers. Zhejiang Geely Holding Group chairman wants China to become Volvo’s second home market.
Li Shufu was educated as a mechanical engineer, but after graduating from high school he opened a photo studio in his native village. In 1984, he switched to the production of spare parts for refrigerators, and then turned into a state-run company into motorcycles into the most famous domestic brand in China. He switched to automobiles, and his company became the largest privately owned car manufacturer in the country.
He became one of the richest people in China, focusing on mass brands of cars with prices around $ 6,000. By contrast, Volvo will sell cars for $ 205,000. In 2009, Mr. Li was ranked 44th among the richest people in mainland China by the number of 400 richest Chinese. American Forbes. Another pursuit is to make the TX4 cabs after turning on a controlling stake with manganese-bronze, a London-based black taxi manufacturer.
Although Lee once dreamed of taking America by storm with the cheapest car, he changed his mind and decided to purchase a luxury brand as the largest private carmaker in China. And he finally succeeded, but still he had to face other problems of the company with an expensive cost base and a safe, but rather boring car. Is it possible to succeed in Ford?
